Cedar Rapids Co-Ownership Lawyers
Buying a property is an exciting experience that comes with a great amount of responsibility. Many people will turn to co-ownership as one way to reduce individual responsibility. This gives you the option of owning the property with another friend or loved one and reduces your personal and financial responsibility for the property. This solution, however, may also come with many complex legal questions about your individual right to the property, which can lead to significant stress.
The laws surrounding property co-ownership are extensive, as they must relate to the variety of situations that may arise between the two owners. Due to this, understanding your rights to the property is more difficult than if you were the sole owner. A Cedar Rapids co-ownership lawyer at Arenson Law Group, PC can help you better understand your rights and mediate conflicts between you and your co-owner if necessary. With the help of a lawyer, you can be more knowledgeable about and prepared for co-ownership.
The Basics of Co-Ownership
Not all co-ownership offers you the same rights and responsibility for the property you purchase, so it is important that you understand all kinds of possible co-ownership:
- Tenancy in Common (TIC): this is the most popular form of co-ownership. Both owners have an equal share of the property, on all counts.
- Joint tenancy: this equally splits the ownership of the property until one of the tenant dies and the total right to the property is transferred to the surviving tenant.
- Tenancy by the Entirety: this is only granted to married couples and allows these couples to own a piece of property together.
Although each of these types of co-ownership merits, it is important to choose the title that best fits your needs. Other important keys to successful co-ownership include:
- Divide financial and maintenance responsibilities of the property
- Split expenses relative to ownership
- Discuss the goals of your co-ownership
- Make a tenant criteria checklist, in the event that one tenant chooses to move
- Decide when you will make improvements and at what cost
- Decide how to handle disputes should they arise
Each of these decisions that you make about the ownership and responsibility of your property can make your co-ownership more successful in the long run. Such decisions may act as guidelines to mediate future arguments or problems relating to your home, and they will provide structure for the regular tasks needed to maintain a home.
Contact a Cedar Rapids Co-Ownership Lawyer
If you are considering co-ownership or are already the co-owner of a property, it is important that you understand your rights. The co-ownership lawyers at Arenson Law Group, PC are knowledgeable in real estate law and can help you make the best of your co-ownership. Their guidance can help you establish better co-ownership practices and can settle any possible legal disputes you encounter. To discuss the specifics of your case, contact us at (319) 363-8199 today.
Written by James H. ArensonLast Updated : December 3, 2021